In the first of our two-part series on tax free retirement, we describe the problem . Next week, in part 2, we'll cover the solution.
According to a 2000 survey (and these percentages are still true today):
Obviously we all want to be in that 4%. A major factor in this can be retirement planning, especially tax planning.
Former comptroller of the United States, David Walker said a decade ago on our current fiscal path, the United States could be heading toward bankruptcy, unless future tax rates doubled. By 2020, 88% of US Revenue went to Social Security, Medicare, Medicaid, and interest on our debt. At the same time, Americans had over $25 TRILLION in retirement assets. So it stands to reason that taxes on that money will go up.
Next week, we'll discuss further how to solve this problem.
If you need help putting together a financial plan - feel free to reach out to Michael and Stacey. You can find them on our website - artofwealthunbroken.com. Or give them a call at 855-378-1806.
